Market Report

Key Points

• Average London prices rose to £472,204 in June, 12.6% higher than a year earlier according to data released in the new UK House Price Index.
• House prices across the capital are expected to soften as a result of the vote to leave the EU, but the rate of growth achieved across the whole of London remained considerably higher than England as a whole.
• Annual house price growth in the sub-£1 million market remains positive at 1.1% although across prime central areas as a whole annual growth fell to -1.5% in July, with properties priced £5-£10 million witnessing the greatest decline.
• The pound has fallen 12% against the dollar since the vote (as at 11th August), offering US dollar-denominated buyers an effective 12% discount.
• Across prime central London, Knight Frank report a 3.6% reduction in average rents in the year to July.